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Indian stock markets open firm
Fri, 4 Nov 09:30 am

Asian stock markets have opened the day on a mixed note. Stock market in Honk Kong (up 3.1%), South Korea (up 2.5%) and Indonesia (up 2.0%) are in the green. The Indian stock market have opened the day on a firm note. Stocks in the Auto and Realty are leading the gains.

The BSE-Sensex is trading up by 200 points (1.1%) and the NSE-Nifty is up by around 52 points (1%). Mid and small cap stocks are trading in the green, with the BSE Mid Cap and BSE Small Cap indices up by 0.8% and 0.5% respectively. The rupee is trading at 49.01 to the US dollar.

Bank stocks have opened the day on a firm note with Union Bank of India (UBI) and Bank of Baroda (BOB) leading the gains. Punjab National Bank (PNB) declared its results for the second quarter for the financial year 2011-2012 (2QFY12). The bank has reported 39% YoY and 12% YoY growth in interest income and net profits respectively. Net interest income (NII) grew by 16% YoY in 2QFY12, on the back of a 19% YoY growth in advances. Capital adequacy ratio currently stands at 12.2% at the end of 2QFY12 from 12.6% at the end of 2QFY11 as per Basel II norms. Net interest margin (NIM) saw a slight decline to 3.9% from 4% in 1QFY11. Net NPA (non-performing assets) to advances was higher at 0.8% in 2QFY12 from 0.7% in 2QFY11. Other income improved by 24% YoY in 2QFY12 due to higher income from income from forex and bills and remittance.

Auto stocks have opened the day on a firm note with Maruti and Bajaj Auto leading the gains. Ashok Leyland has announced its results for the second quarter ended September 2011 (2QFY12). Net sales of the company rose by 14% year-on-year (YoY) to Rs 30.9 bn during the quarter as against Rs 27.1 bn in the corresponding quarter of the previous financial year. Operating profits grew a slower pace by 8.1% YoY as operating margins declined from 11.3% in 2QFY11 to 10.7% in 2QFY12. During 2QFY12, interest and depreciation charges grew significantly by 58.8% YoY and 34.1% YoY respectively. This affected the company's bottomline, resulting in a decline of 7.8% YoY in net profits. Net profit margins declined from 6.2% in 2QFY11 to 5% in 2QFY12.

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